Valley National Bancorp (NASDAQ:VLY) PT Raised to $8.50 at Keefe, Bruyette & Woods

Valley National Bancorp (NASDAQ:VLY) had its price objective upped by Keefe, Bruyette & Woods from $8.00 to $8.50 in a report published on Friday morning, Benzinga reports. They currently have a market perform rating on the stock.

Several other research analysts have also weighed in on the stock. Wedbush reissued a neutral rating and set a $8.00 price objective on shares of Valley National Bancorp in a report on Wednesday, May 22nd. JPMorgan Chase & Co. decreased their price target on Valley National Bancorp from $8.50 to $8.00 and set a neutral rating for the company in a research note on Thursday, June 27th. Royal Bank of Canada cut their price objective on Valley National Bancorp from $9.00 to $8.00 and set an outperform rating on the stock in a research note on Tuesday, July 9th. StockNews.com raised Valley National Bancorp from a sell rating to a hold rating in a report on Friday, May 17th. Finally, Barclays lowered their price target on Valley National Bancorp from $8.00 to $7.00 and set an underweight rating for the company in a report on Monday, June 24th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Valley National Bancorp has a consensus rating of Hold and a consensus target price of $8.61.

Valley National Bancorp Price Performance

Shares of NASDAQ VLY opened at $8.23 on Friday. The company has a quick ratio of 1.00, a current ratio of 0.99 and a debt-to-equity ratio of 0.51. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.22. The business has a 50 day moving average price of $7.14 and a two-hundred day moving average price of $7.92. The firm has a market cap of $4.19 billion, a PE ratio of 9.68 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). The business had revenue of $884.68 million for the quarter, compared to analysts’ expectations of $458.67 million. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. During the same quarter last year, the company posted $0.28 earnings per share. Sell-side analysts expect that Valley National Bancorp will post 0.84 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Thursday, June 13th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date of this dividend was Thursday, June 13th. Valley National Bancorp’s payout ratio is 51.76%.

Insider Buying and Selling

In related news, Director Andrew B. Abramson sold 16,451 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total transaction of $127,001.72. Following the completion of the transaction, the director now directly owns 224,679 shares in the company, valued at approximately $1,734,521.88. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Andrew B. Abramson sold 16,451 shares of Valley National Bancorp stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total value of $127,001.72. Following the sale, the director now directly owns 224,679 shares in the company, valued at approximately $1,734,521.88. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Joseph Chillura sold 10,000 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $6.57, for a total transaction of $65,700.00. Following the completion of the transaction, the executive vice president now owns 545,249 shares of the company’s stock, valued at approximately $3,582,285.93. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,451 shares of company stock valued at $378,452. Insiders own 1.88% of the company’s stock.

Institutional Trading of Valley National Bancorp

Several large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC acquired a new position in Valley National Bancorp during the 4th quarter worth $35,000. Wolverine Asset Management LLC acquired a new stake in Valley National Bancorp in the fourth quarter worth about $40,000. EntryPoint Capital LLC acquired a new stake in Valley National Bancorp in the first quarter worth about $43,000. Simplicity Wealth LLC bought a new position in Valley National Bancorp in the 1st quarter valued at about $92,000. Finally, Fifth Third Wealth Advisors LLC acquired a new position in Valley National Bancorp during the 2nd quarter valued at about $94,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

About Valley National Bancorp

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.